African American
Business Facts

African American families are not prepared for a financial emergency.

African American families are the least prepared for a financial emergency, with 33% having less than one month of expenses saved.
Just one in five African American families have set aside money to cover more than six months of expenses.
African American families are more likely than any other group to carry high debt balances.
Nearly 70% have credit card debit.
Almost half are paying student loans.
79% say paying down debt is a high priority.

There is a strong need for financial education among African Americans.

In terms of getting educated about finances, 40% rely on family members for information.
Two thirds are not confident they are financially prepared for their retirement.
About one third have an actual plan in place.
Nearly a third worry they will outlive their retirement savings.
6% of African Americans already plan to work part time during retirement.

Source: massmutual.com, “the 2018 State of the American Family Study, Insights from African American Families – Executive Summary,” 2018